Gold prices in the Indian market remain unchanged for Tuesday, 4th December, as they maintained the same levels that they had at the end of trading on Monday. The gold rate today maintained its range, as the prices for Silver surged upwards for a second day on the trot. Gold prices remained steady at the rate of Rs 31,850 per 10 grams, while the rates for silver surged up by 380 Rs per kg to end the day at Rs 37,740 per kg. It is the strong demand by silver coin makers and industrial units that have pushed the prices of silver up by Rs 1,200 during the last couple of days.
Monday saw an increase in the prices of gold and silver, as silver prices increased by Rs 800 per kg and gold prices by Rs 390 per 10 gram. The prices of both types of purity, 99.9 percent and 99.5 percent, remained flat at the price of Rs 31,850 and Rs 31,710 for 10 grams, respectively.
Sovereign gold prices also witnessed an increase today, as they reached levels of Rs 24,800 per 8 gram at the end of the trading today. The prices of sovereign gold witnessed an increase of Rs 100 in the price.
The prices for silver ready increased by Rs 380, bring the price up to Rs 37,740 per kg, by day end of trading. The prices for Silver weekly delivery jumped up by some Rs 619 to reach levels of Rs 36,368 per kg. Silver coins, however, maintained the same rates as before as they are available at Rs 72,000 and can be sold off at the rate of Rs 73,000.
Gold prices in the global market maintained an upwards trend, as they reached a one-month high during early trading on 4th of December. It is believed that a weakening dollar supported this increase in the prices of gold for the country. Spot gold prices in the open market rose by 0.6 percent during the early hours of trading to reach at cumulative rates of $1,238.36. Additionally, United States gold futures increased by some 0.3 percent to reach rates of $1,243.4 per ounce.
“After the G20 summit safe-haven buying in the dollar index has reduced therefore gold is looking very strong,” mentioned Vandana Bharti, the assistant vice-president of commodity research at SMC Comtrade Ltd. He further went on to add that $1,250 is the next target for the gold.
The United States dollar had a poor day of trading today, as it weakened against others in the open market, as the ceasefire in the trade war between China and the United States boosted the confidence of the masses to invest in other riskier assets.
Gold prices in the global market have fallen almost 10 percent from what they were at their peak during April. This was when investors went to gold as a safe haven from political turmoil and inefficiencies.